MICROCAPITAL BRIEF: responsAbility Mikrofinanz-Fonds Disperses Total of $3.2m to Microfinance Banks Inecobank of Armenia, AFK of Kosovo, Lazika Capital of Georgia and Coomuldesa of Colombia

The responsAbility Mikrofinanz-Fonds, a microfinance investment vehicle (MIV) founded in 2007, recently reported to MicroCapital that it has executed debt investments totaling USD 3.2 million in four microfinance banks. The largest amount, USD 1.5 million, went to Inecobank, an Armenian bank founded in 1996 with a gross loan portfolio of USD 91.7 million [1]. The MIV reports total assets of USD 108.5 million as of 2009, and is one of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid, responsAbility Global Microfinance Fund and responsAbility Microfinance Leaders Fund.

The MIV also released USD 662,200 to AFK, a microfinance bank based in Kosovo with a gross loan portfolio of USD 10.1 million.

Lazika Capita, founded in Georgia by Oxfam GB in 2000, is set to receive USD 500,000. Lazika has a gross loan portfolio of USD 4.7 million.

Finally, responsAbility Mikrofinanz-Fonds committed COP 1 billion (USD 491,402) in local currency to Coomuldesa, a Columbian microfinance bank founded in 1962. Coomuldesa has total assets of COP 136 billion (USD 67 million) [2]. Coomuldesa does not report to MIX Market, the microfinance information clearinghouse.

About responsAbility Mikrofinanz-Fonds:

The responsAbility Mikrofinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank. It is also certified by LuxFLAG as of April 2010. responsAbility Mikrofinanz-Fonds reports total assets of USD 108.5 million as of 2009.

About Inecobank:

Inecobank, a microfinance bank based in Armenia, was registered in 1996 with the Central Bank of Armenia. Inecobank provides comprehensive banking services with the aim of fostering the growth of micro-, small and medium-sized enterprises. The International Finance Corporation (IFC) is a shareholder of Inecobank, holding 10 percent of its shares. Inecobank reports total assets of USD 147.5 million, a gross loan portfolio of 91.7 million, a return on assets of 4.29 percent and a return on equity of 21.22 percent.

About AFK (Agency for Finance in Kosovo):

AFK was founded in 1999 by the Mercy Corps, a US-based nonprofit crisis response organization, at the conclusion of the Kosovo War, which began in 1998 and ended in 1999. While AFK originated as a humanitarian organization, it began offering loans in 2000. AFK reports total assets of USD 11.5 million, a gross loan portfolio of USD 10.1 million and a return on assets of 0.06 percent.

About Lazika Capital:

Oxfam GB, a British nonprofit advocating for social development, founded Lazika Capital in 2000, with the program achieving operational independence in 2003. Lazika Capital is headquartered in Zugdidi, Georgia. Lazika Capital reports total assets of USD 5 million, a gross loan portfolio of USD 4.7 million and a return on assets of 12.20 percent.

About Coomuldesa:

Coomuldesa was founded in Columbia in 1962 to support farmers and small businesses. Coomuldesa has total assets of COP 136 billion (USD 67 million). Coomuldesa does not report to MIX Market, the microfinance information clearinghouse.

Additional Resources

[1] Inecobank: “About us,” http://www.inecobank.am/eng/aboutus_2.php

[2] Coomuldesa: “Presentation and History,” http://www.coomuldesa.com/LAENTIDAD/resena.htm

MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fonds: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds

MicroCapital’s Microfinance Universe profile: Inecobank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Inecobank

MicroCapital’s Microfinance Universe profile: AFK (Agency for Finance in Kosovo): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AFK

MicroCapital’s Microfinance Universe profile: Lazika Capital: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lazika+Capital

MicroCapital’s Microfinance Universe profile: Coomuldesa:

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Coomuldesa

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/ 

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